Falling energy stocks led the Toronto stock market lower for a second consecutive day Friday.
The S&P/TSX composite index was off its lows for the day, but still wilted 11.97 points to end Friday and the week at 14,534.06
The Canadian dollar plummeted 0.57 cents to 91.77 cents U.S.
The TSX closed out a negative week after three weeks of advances, after traders digested a heavy slate of earnings news and took some profits from sectors that have run up sharply this year, including gold and energy stocks.
But it is still one of the best performing stock indexes, up almost 7% year to date, a gain that many analysts believe the TSX would register for the whole year.
It was a quiet morning for earnings news as shares in The Second Cup Ltd. dipped 22 cents, or 4.5%, to $4.63, as the coffee chain reported a drop in its first-quarter net income to $56,000, or one cent per share, compared with $688,000, or seven cents per share, in the same quarter of 2013. Revenue was up at $7.6 million, compared with $6.2 million year-over-year.
On Thursday, after the markets closed, energy producer Canadian Natural Resources said that quarterly net income totaled $622 million or 57 cents per share compared with $213 million or 19 cents in the prior-year period.
Revenue for the three months ended March 31 rose to almost $4.4 billion from $3.76 billion in the prior-year period and its shares gave back 11 cents to $42.89.
The financial sector also weighed on the TSX, as TD Bank faded 12 cents to $52.13.
The gold sector was flat while Barrick Gold advanced 19 cents to $18.77.
The base metals group dipped, even as July copper was up two cents to $3.08 U.S. a pound amid some positive inflation news from China.
Teck Resources shares dropped three cents to $24.40.
Consumer prices in the world's second-largest economy rose 1.8% over a year earlier, down from March's 2.4% increase, giving the government more leeway if needed to stimulate the slowing economy.
Russian President Vladimir Putin flew in to Crimea for parades marking the Soviet victory in World War Two, while eight people were reported killed in Ukraine.
On the economic beat, Statistics Canada reported this morning that employment decreased by 29,000 in April, and the unemployment rate was unchanged at 6.9% as the number of people taking part in the labour market edged down. The nation’s number crunchers added that there’s been little overall employment growth in Canada since August 2013.
ON BAYSTREET
The TSX Venture Exchange fell 0.91 points to 991.10 – also off its lows of the day.
The 14 Toronto subgroups were evenly divided between gainers and losers, consumer discretionary stocks leading the former group, up 0.8%, while health-care were haler 0.6% and metals and mining issues 0.4% stronger.
The seven laggards were weighed by the ill-fated energy group, down 0.6%, while utilities and financials each went into reverse 0.4%.
ON WALLSTREET
It proved a decent end to the week for stocks after all, as all three indices found their feet before the closing bell.
The Dow Jones Industrial Average gained 32.37 points to end up at 16,583.34
The S&P 500 recovered 2.85 points to 1,878.48, and the NASDAQ composite index finished positive 20.37 points to 4,071.87
Perhaps traders got into a better groove after throwing on their Beats headphones.
The tech world is buzzing about reports indicating Apple is considering a $3.2-billion U.S. takeover of Beats Electronics, a popular headphone maker and streaming music provider. The deal would be Apple's largest ever and create a huge windfall for Beats co-founder Dr. Dre and investor Carlyle Group
Pandora Media, which provides a rival streaming music service, traded higher following the news.
Rocket Fuel plunged over 25% as the digital advertising company logged disappointing revenue and revealed a tepid outlook for the current quarter.
In other earnings news, Hilton Worldwide ticked higher after more than tripling its profits and raising its outlook for the year.
Ralph Lauren fell 2% and touched the lowest levels in almost two years amid disappointment over the company's pessimistic outlook. It continues to struggle to grow as fast as some of its competitors. On the other hand, Gap popped 3% on upbeat projected earnings and a 9% jump in April same-store sales.
Investors drove CBS 3% lower as the media giant's revenue fell more than feared due in part to the absence of the Super Bowl.
News Corp., the publishing giant controlled by Rupert Murdoch, rose 4% after logging better-than-expected profits despite a dip in revenue.
Stratasys, a 3D printer maker, plunged 8% even after swinging to a profit and reporting soaring revenue.
There was little in the way of economic reports today.
U.S. Federal Reserve chair Janet Yellen’s congressional testimony was the big economic news for the week. She mostly reiterated her commitment to keep interest rates low until the economy is on firmer footing.
Prices for 10-year U.S. Treasuries sagged, upping yields to 2.62% from Thursday’s 2.60%. Treasury prices and yields move in opposite directions
Oil prices retreated 20 cents to $100.06 U.S. a barrel.
Gold prices eked up 60 cents to $1,288.30 U.S. an ounce.
